Q. Will I receive the purchase price or the replacement cost if my boat is a total covered loss?
A. With an Agreed Value policy, your boat insurance will pay you the total value for which you insured the vessel. Often, this agreed value is the purchase price of the boat.
With the less common Actual Cash Value policy, you will be paid the value of the boat with depreciation factored in.
Global Marine Newsletter
Sign up for our newsletter to stay up to date on boating news, upcoming events, boater safety, and much more.
Global Marine Social
grab the RSS Feed.